Excel Management Ltd News

Excel Maritime Carriers Ltd., an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today its un-audited results for the second quarter 2005 and the first half of 2005 ended June 30th. Total revenues for the second quarter 2005 amounted to $31.9 million, an increase of 138% when compared to the $13.4 million earned during the second quarter of 2004. Net income amounted to $14.6 million versus $8.6 million in the second quarter of 2004, an increase of 70%. Earnings per share for the quarter were $0.73 compared to $0.74 in the second quarter of 2004. For the first half of 2005, total revenues amounted to $49.2 million, an increase of 86% from the $26.5 million earned in the first half of 2004.